TechFlow News, September 6 — According to Axios, Binance's current CEO Richard Teng confirmed on September 6 that former CEO Changpeng Zhao (CZ) is permanently barred from managing or operating the company. Under an agreement with the U.S. Department of Justice (DOJ), Zhao will be prohibited from participating in the company's day-to-day operations following the completion of his incarceration on September 29, 2024.
However, as the largest shareholder, Zhao retains all shareholder rights and will continue to exert significant influence over the company. Teng stated, "If the company's performance does not meet expectations, as an investor, he has the right to replace or nominate new board members or a new CEO, and shareholders may also propose resolutions at any time."
